Gold and Silver Technical Outlook June 19, 2017

19 June 2017

GOLD (XAUUSD)

Gold was trading within a tight range on Friday and moved closer to the MA55 balance line. XAU/USD has intentions to decline during the Asian session and we think it is time to look for short trades from the MA55 balance line. We hope that XAU/USD is going to burst upwards again in order to offer another opportunity to jump into the market.

There is no trend on the Weekly chart as the price is close to the MA55 balance line. The price continued its downside dynamics last week according to our expectations. We think Gold is likely to develop its decline in the next couple of days.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to open short trades from the MA55 balance line. Place stop losses above the indicator.

SILVER (XAGUSD)

Silver failed to reach the MA55 balance line on Friday. However, if you jumped into the market, you had to hold trades until this week. There are possibilities to protect trades by moving stop losses at breakeven level. If you failed to open trades on Friday, we think you will have this opportunity today.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The currency pair had a downside dynamics last week according to our expectations. We think that XAG/USD is likely to develop its decline in the next couple of days.

There is the downtrend on the Hourly chart as the MA-channel goes downwards and the price is below the MA55 balance line. We advise to open short trades from the MA55 balance line. Place stop losses above the indicator.

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